Overview Of Budget 2081/82 : Objectives, priorities, features

Overview Of Budget 2081/82

In this Article, we are presenting the brief overview of Budget 2081/82 formulated by Government of Nepal. Here we covers the various aspects of the budget such as Objectives, priorities, strategies for economic reform, and main features of the Budget.

Objectives of Budget 2081/82

Here are the five objectives of fiscal policy/budget 2081/82 :

1. To increase the production, productivity and employment,

2. Enhancing the morale of the private sector, increasing investment and speeding up economic activities,

3. Developing human resources,

4. Reducing economic inequality and poverty by utilizing resources in a balanced and equitable manner,

5. Making public service delivery efficient.

Priorities of Budget 2081/82

Here are the five priorities of fiscal policy/budget 2081/82 :

1. Economic reforms and promotion of the private sector,

2. Agriculture, energy, IT, tourism, Industrial development, infrastructure construction,

3.Development of social sector including education, health,

4. Inclusion and social security,

5. Promoting good governance and improving public service delivery.

Strategies for Economic Reforms

Here are the five strategies of Fiscal Policy/budget 2081/82 for economic reforms:

1. Structural Reform

Based on the feasibility analysis of the national economy, a new phase of economic reform program will be launched to achieve higher economic growth by identifying the main drivers of economic growth and developing an integrated economic corridor, expanding the digital economy and building the foundation of the green economy. A high-level economic reform suggestion commission will be formed to make recommendations in this regard.

2. Business Environment Reform

The business environment will be improved through amendment of laws related to industry and investment, guarantee of policy stability and investment security, country rating, bilateral investment and double tax exemption agreement, increase in the limit of service fees that can be taken abroad for technology transfer, provision to reinvest the income earned by technology transfer abroad up to a certain limit and encouraging the private sector to collect small capital and establish companies that invest in enterprise and infrastructure development.

3. Public Finance System Reform

Public finance system will be improved through reforms in the tax system and policy stability, uniformity between fiscal and monetary policies, sustainability of public debt, stability of the financial sector and enhancement of capital mobilization, economical  and return-oriented public expenditure management and purposeful financial transfer .

4. Financial Sector Reform

The second financial sector development strategy will be formulated and implemented, promotion of digital payments, central bank digital currency preparation, expansion of economic activities in the formal sector, green finance and other financial sector reform programs will be carried forward to improve financial sector

5. Public Administration Reform

Good governance will be promoted in the public sector by making maximum use of information technology in the structural, functional and behavioural reforms of public administration and service delivery. In the coming financial year, a law on conflict of interest and public responsibility will be formulated.

Features of the budget 2080/81

1. The economic growth rate in the current fiscal year is 3.9 percent.

2. The goal of achieving economic growth rate of 6 percent in the coming year.

3. Target to control inflation at 5.5 percent next year.

4. The coming year will be declared as 'the year of economic reform'.

5. 2081-2091 has been declared the Decade of Investment in Agriculture.

6. An information technology park will be built in Kathmandu Valley and Butwal for infrastructure including high-speed internet, electricity and security.

7. Nepal Startup board will be formed.

8. 2081 to 2091 will be celebrated as science and technology decade.

9. To complete the construction of integrated check post at Bhairahawa and dry port at Rasuwa within the next financial year.

10. Arrangements will be made to teach MBBS in government hospitals with a capacity of more than 300 beds.

11. The amount of up to 5 lakhs of the savers of the cooperative organization will be returned by withholding the mortgage of the directors.

12. Continuation of carbon trade program, arrangements for carbon trading will be arranged.

13. Scholarships will be provided to students from marginalized and underprivileged communities from 6th grade onwards.

14. Construction of a studio for film shooting will begin at Banepa in Kavre.

15. A knowledge park will be constructed at Khumaltar in Lalitpur.

16. The government has projected that 900 megawatts of electricity will be added in the national transmission line in the coming financial year.

17. Coffee, cardamom, tea and Himalayan water will be branded.

18. Developing Nepal as a wedding destinations by facilitating foreign tourists coming to Nepal for marriage ceremonies.

19. Janakpur, the wedding place of Ramjanaki, will be promoted as the wedding hub and Lumbini, the birthplace of Gautama Buddha, will be promoted as the birthing hub.

20. Martyr Dashrathchandra Health Sciences University in Dhangadhi will be operated.

21. Veer Hospital will be made a burn treatment center.

22. The standard of TU cricket ground will be improved. Also, Gautam Buddha Stadium will be built in collaboration with the provincial and local levels.

23. Guaranteeing full freedom of the press, training will be conducted to enhance the capacity of media workers.

24. Sita Dahal Memorial College of Natural Therapy and Yogic Science College will be established.

25. Legal arrangements will be made for the commercial production of Marijuana for medicinal purposes.

26. It has announced that Gandaki Economic Triangle Project will be conducted by connecting Bharatpur, Pokhara and Butwal.

27. The next financial year will be celebrated as the year of women's investment.

28. Moolpani Cricket Ground and Biratnagar cricket ground will be extended as national pride project .

29. It has been announced that 1.6 million tourists will be brought in in the next fiscal year 2081/82.

30. In the coming year, 'Save the mountains, save humanity' campaign will be conducted.

31. Public services will be made faceless, paperless and contactless.

32. The government will provide unsecured loans to Nepalese going for foreign employment.

33. The government will promote Nepal's old sports of dandibiyo, baghchal and ghodchadi.

34. Completing the feasibility study of Kerung-Kathmandu railway.

35. The government will give Lalpurja to 5 lakh landless families in the coming financial year.

36. Megha Kitchen will be operated at the local level in all seven provinces.

37. The elderly with high facility will be established in all seven provinces.

38. Allocation of one billion to establish a peace fund for compensation, financial assistance and rehabilitation to conflict-affected families.

39. New Stock Exchange and Restructuring of CDS.

40. Increase in midday meal amount in Humla, Mugu, Dolpa and Kalikot.

41. Dalit Development Authority will be established.

42. Skills and employment programs will be conducted for students who have passed class 12.

43. To make the scholarship program transparent, students will be included in the identity card system.

44. Continuation of Social Security Allowance.

45. Singha Darbar Medical Center will be restructured and its capacity will be expanded.

46. University merger policy will be introduced.

47. An air quality measurement center will be established in Mustang.

48. Retirement age of security personnel will be reviewed.

49. Green tax will be levied on the import of petroleum products and coal.

50. The government will conduct the President's Climate Change Program.

51. In the next fiscal year, we will conduct the program 'Our Parent, Our Responsibility'.